EDUCATION INDUSTRY. FROM HUMAN CAPITAL TO PRESTIGE CAPITAL

Juan-Carlos Herken-Krauer, Vukašin Vasić

Abstract

In order to capture the relevance, and size, of the current shifts taking place in the worldwide education industry, we present a new formulation of the “Educational Capital”, consisting of an accounting identity that incorporates three commonly mentioned intangible capitals: “Human”,“Social”, and “Psychological”. We add a novel fourth element, “Prestige Capital”.This new concept is necessary, as the increasing market pressures, and the ever-expanding dominance of“rankings” and “accreditations” schemes, impose a systematic quantification, and comparison of performance. Such a leaning could undermine the quality of the “Human Capital” delivered, which was always considered to be the main function of the education industry.As a result, a change is taking place within the “Educational Capital” identity, whereby “Prestige Capital” is given a greater importance, followed by “Social Capital”.

Keywords: Human Capital, Social Capital, Prestige Capital, Educational Capital, educational industry
EDUCATION INDUSTRY. FROM HUMAN CAPITAL TO PRESTIGE CAPITAL, Zbornik radova sa Međunarodne naučno-stručne konferencije „Inovacijama do održivog razvoja“, Fakultet za primenjeni menadžment, ekonomiju i finansije, Beograd, 6. decembar 2018., Beograd.

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